Bitwise Asset Management has filed the first annual 10-K report for its spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), revealing significant investor inflows alongside operational losses driven by XRP's price decline. The 107-page filing details the fund's performance and structure since its launch on November 19, 2025.
The report shows the trust holds 131.2 million XRP as its sole primary asset, with valuation based on Coinbase market prices. Coinbase also serves as the fund's custodian. The ETF tracks the CME XRP benchmark and operates under a Trust-Directed Trade Model, sourcing XRP from counterparties including Nonco LLC and Cumberland DRW LLC. The fund applies a 0.34% annual sponsor fee, which was waived on the first $500 million for one month post-launch.
Cumulative net inflows since launch reached $1.44 billion, with approximately $267 million in new share creations during the reporting period. As of March 16, 2026, the trust had 16.98 million shares outstanding. However, the fund recorded a net decrease in net assets from operations of $25.937 million, driven by unrealized losses as XRP's price fell from $2.03 to $1.82 during the period. This resulted in a net loss per share of $2.31. The fund generated no investment income, and expenses are covered by selling XRP holdings as needed, with no plans for borrowing.
Separate weekly flow data highlights a challenging market environment for XRP ETFs. After a strong start in late 2025 with over $1 billion in total net inflows, flows have weakened significantly in 2026. January saw net inflows of just $15.59 million, February $58 million, and March has been net negative overall. The week ending March 21, 2026, saw a minor net inflow of $636,480—the first green week for March—but two trading days recorded zero reportable inflows.
XRP's price mirrored this volatility, rallying from around $1.42 to over $1.60 during the week before being rejected and falling back below $1.40, erasing all weekly gains. Analyst Ali Martinez suggested the price drop could present a buying opportunity if it touches a key ascending trendline.
